Mr. John Bouffard reports

PINETREE CAPITAL ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2023

Pinetree Capital Ltd. has released its financial results for the three months ended Sept. 30, 2023. All financial information provided in this press release is unaudited, and all figures are in thousand of dollars except per-share amounts and shares outstanding.

Unaudited financial results for the period ended September 30, 2023The following information should be read in conjunction with our annual audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our annual Management Discussion and Analysis for the year ended December 31, 2022, which can be found on SEDAR.

Shares Outstanding and Equity amounts are as at the Quarter End date. Expense amounts are for the Three months ending the Quarter End dateAs at September 30, 2023, Pinetree's equity was $41,399 which compares to $39,619 as at December 31, 2022. This resulted in Pinetree's BVPS increasing from $4.22 as at December 31, 2022 to $4.41 at September 30, 2023. The change represents an increase of $0.19 or 4.5%.As at September 30, 2023, the Company held investments at fair value totaling $38,937, which represented 94% of book value. This compares to investments at fair value of $31,145 representing 79% of book value as at December 31, 2022.Expenses for the twelve months ended September 30, 2023 were $1,008 which corresponds to 2.4% of book value as at September 30, 2023. This compares to expenses of $1,086 for the twelve months ended September 30, 2022 which corresponds to 2.9% of book value as at September 30, 2022. Since expenses fluctuate from quarter to quarter, management monitors costs on a trailing twelve month basis. Included in expenses are foreign exchange fluctuations resulting from cash balances held in currencies other than Canadian dollars.

The net investment losses for the three months ended September 30, 2023 were $695 (three months ended September 30, 2022 - $965) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended September 30, 2023, other income totalled $175 as compared to other income of $167 for the three months ended September 30, 2022. Other income is comprised of interest and dividend income of $105 and $70, respectively (three months ended September 30, 2022 - interest and dividend income of $90 and $77, respectively).

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